Oil prices edge down, pressured by US supply
On Thursday, after solid gains the day before oil prices inched lower, pressured by data showing a smaller-than-expected turn down in crude stockpiles in the United States.
Front-month Brent crude futures, the global benchmark for prices of oil, were down 0.4% at $63.60 for each barrel by 0112 GMT. On Wednesday, Brent closed up 2.3%.
The United States WTI (West Texas Intermediate) crude futures were down 0.3% at $57.18 for each barrel. On Wednesday WTI closed up 1.9%. That compared with analyst prospects for a decrease of 3 million barrels.
Edward Moya, senior analyst, OANDA said that “the U.S. oil market remains oversupplied,”
Crude prices were underpinned after the group, known as OPEC+ (Organization of the Petroleum Exporting Countries) and other producers such as Russia on Tuesday agreed on to extend oil supply cuts in anticipation of March 2020.